Accounting platform Cryptio has partnered to help Web3 coin project Filecoin miners go public. Thus, Filecoin miners will be able to generate the accounting reports required to pass public company accounting oversight board financial audits.
Cryptio partners with Web3 coin project Filecoin
Enterprise-grade crypto accounting platform Cryptio has partnered with Protocol Labs, the company behind Filecoin, to help Web3 coin project Filecoin miners meet their auditing obligations, a key factor for companies looking to go public. Functioning as a decentralized storage marketplace, Filecoin allows users to rent backup storage space on their computers and rewards network participants who assist in the storage or retrieval of files.
Cryptio’s software helps crypto companies with their accounting, auditing and tax software. According to a press release, the company will now allow Filecoin miners to extract auditable transaction logs from the Blockchain. The press release stated that Filecoin miners, the storage providers of the protocol, will be able to generate the accounting reports required to pass the public company accounting oversight board (PCAOB) financial audits. According to the company’s website, there are currently more than 4,000 storage providers (SPs) on the Filecoin network. The following points were mentioned in the press release:
Miners can now import all on-chain activities from Filecoin and complete accounting, reporting, tax and audit preparation to the high standard required by auditors and regulators.
What will the partnership bring?
For Bitcoin, the world’s largest cryptocurrency by market capitalization, a number of cryptocurrency mining companies have been listed on public exchanges, Marathon Digital (MARA) and Riot Platform (RIOT), to name a few. Public Bitcoin miners have seen a massive outflow from investors in the last crypto winter, including a drop in BTC prices and an increase in energy costs for mining companies.
There aren’t many private Filecoin miners currently traded publicly. It remains to be seen if there is an investor appetite for more miners, especially Filecoin storage providers. However, whether or not a miner decides to go public, Cryptio remains committed to providing its accounting service. Hemant Pandit, Cryptio’s head of revenue, released the following statement:
Filecoin, unlike Bitcoin, is a very complex Blockchain and difficult to ‘index’. Cryptio created this financial infrastructure that allows Filecoin miners to do their accounting and reporting in an auditable way whether they want to go public or not.
Of course, having accounting reports isn’t the only step in getting a private company public. However, the software aims to assist miners in an important step towards a potential IPO. “It was difficult to go public without this infrastructure,” Pandit said. The Securities and Exchange Commission has higher auditing standards for publicly traded companies. There have been large Filecoin miners (on their way to going public) that have been blocked by this before,” he added.
Cryptio currently provides accounting infrastructure on 12 Blockchains including Ethereum and Bitcoin for over 300 organizations including MetaMask, 1inch and Chivo.
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